Drugmaker Biocon sold a 5.4% stake in its research unit Syngene International for just over Rs 1,220 crore in an open market transaction on Tuesday.

Syngene International’s promoter Biocon sold 21,789,164 shares, representing a 5.4% stake in the company, according to block trade data provided by the BSE.

The shares were sold at an average price of Rs 560.04 per share, more than 3% below the BSE’s close of Rs 578.75 on Monday. The data showed that the transaction size had been fixed at Rs 1,220.28 crore at this price.

Shares of Syngene International fell 2.38% to Rs 565 per share on BSE. ICICI Prudential Mutual Fund was one of the entities that acquired shares in the company.

Biocon held 69.99% of Syngene of the 70.29% held by promoters as of June this year, in line with the exchange’s shareholding pattern.

In another block trade, Raja Ganesan Chandramogan, the promoter of Hatsun Agro Products, sold 27.2 lakh shares for almost Rs 269 crore.

The shares were acquired by Sundaram Mutual Fund and SBI Mutual Fund.